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Gold/Mining/Energy : Rubicon Minerals -- Ignore unavailable to you. Want to Upgrade?

To: Miner who wrote (9)	1/31/2002 9:34:00 AM
From: Bat Man	Read Replies (1) \| Respond to of 470

RUBICON CLOSES ACQUISITION OF KEY McFINLEY RED LAKE GOLD PROJECT - Historical drill intercepts include 1.2 oz/ton gold over two feet and 0.6 oz/ton gold over three feet - David W. Adamson, President and CEO of Rubicon Minerals Corporation (RMX.CDNX) is very pleased to announce that the Company has closed the agreement with Dominion Goldfields Corporation (DGC), for the acquisition of a 100% interest in the much-coveted and strategically located licences of occupation and one lease (the “McFinley Gold Project”), in the heart of Ontario’s prolific Red Lake gold camp (Figure 1). The McFinley Gold Project lies along a proven gold producing trend and covers approximately four kilometres of strike length potential. It is underlain by ultramafic rocks on the East Bay Trend which is associated with a number of significant high-grade gold deposits including the former Cochenour Mine (past production 1.2 million ounces gold at 0.56 oz/ton). The property is also approximately 5.2 kilometres NE of and 5.4 kilometres NW of the producing high-grade Campbell (Placer Dome) and Red Lake (Goldcorp) mines. The Project is immediately adjacent to, and on strike with, Goldcorp’s active Abino Zone, which has been the focus of recent diamond drilling. In December 2001, Goldcorp reported results from Abino (Goldcorp news release, December 12, 2001) that include: 18.11 oz/ton gold over 2.5 feet (620.9 g/t over 0.77 metres) and 2.92 oz/ton gold over 4.9 feet (100 g/t Au over 1.52 metres). As shown in the attached Figure 1, the McFinley Gold Project lies on the extension of mineralized trends identified by Goldcorp. As part of the agreement, Rubicon also acquires a right of first refusal on certain other adjacent claims, on which DGC may have certain lien rights, should they be acquired by DGC. These claims contain two published gold resources of 407,256 tons at 0.33 oz/ton and 19,118 tons at 2.75 oz/ton, respectively (source: Ontario government publications). Mr. Adamson, said, “The McFinley Gold Project is a very significant acquisition for Rubicon. We have successfully outbid the competition and have already received strong expressions of interest from potential partners. We are currently evaluating ways to best advance the project in order to maximize benefit to shareholders." The private placement announced January 7, 2002 at the same time as the McFinley Gold Project acquisition, for gross proceeds of $800,000 has closed in the increased amount of $841,586. The securities have a hold period until May 30, 2002. Rubicon Minerals Corporation is a well-funded junior exploration company with over 166 square miles (300 square kilometres) of land holdings in the prolific Red Lake gold camp of Ontario. The Red Lake gold camp hosts two world class gold mines including Goldcorp’s Red Lake Mine which has a reserve of 3.76 million ounces of gold with an average grade of 2.02 ounces of gold per ton. RUBICON MINERALS CORPORATION “David W. Adamson” ______________________ President & CEO Figure 1